Red Lion, which currently trades on the New York Stock Exchange, "is committed to maximizing value for all our shareholders," Chief Financial Officer Anthony Dombrowik said in an interview.

Dombrowik declined to disclose how the company's board is reacting to the offer.

In a federal filing Friday, Columbia Pacific said it already owns 12.7 percent of Red Lion and "believe(s) the company would better be able to realize enhanced value as a private entity." Columbia Pacific said it will pay $9.50 for each of the 15.9 million shares it doesn't already own, or a total of $151.2 million.

That share price is a 35 percent premium on Red Lion's closing price Friday, but "we have been above $9.50 for a very long time," Dombrowik said. He said the 52-week high is $13.25 and the 52-week low is $6.45, with "a lot of fluctuation over the past year."

Shares closed Monday at $7.97, up 13 percent.

Columbia Pacific asked for the right to examine Red Lion's books over the next 60 days, and for exclusivity in offering to buy the outstanding shares.

It didn't specify a date by which it wants a decision on the buyout bid, and Dombrowik said the company hasn't provided one.

"The board will continue to meet and consider the offer, and we'll keep operating hotels and executing our mission meanwhile," he said.

As of March 31, Red Lion's holdings consisted of 53 hotels in nine states and one Canadian province, plus an entertainment business, TicketsWest, that also distributes event tickets.